Anti-Money Laundering Policy

Anti-Money Laundering Policy

It is our policy and obligation to comply with the anti-money laundering legal and regulatory requirements, and we take these very seriously. As a registered payment institution operating in UK and in the European Economic Area (‘EEA’), our Company is subject to the Money Laundering Regulations 2007, the European Commission Wire Transfer Regulations, the Counter-Terrorism Act 2008, and the Proceeds of Crime Act 2002 (AML/CTF).

As it is supervised by the FCA, our Company is required to meet, among others, the following legal requirements:

  • Understand and interpret the legal and regulatory framework for AML/CTF requirements and systems;

  • Understand standard industry best practice in AML/CTF procedures and proportionate risk-based approach;

  • Design and implement the systems and controls necessary to mitigate the risk of being used in connection with money laundering or financing terrorism. 

Our company ’s AML legal obligations include among others:

  • Verify customers’ (including beneficial owners’) identity and address;

  • Keep full records of all transactions together with identification provided;

  • Monitor any unusual or suspicious transactions of any size;

  • Report any suspicious transaction to the National Crime Agency.

We are regulated by HMRC to comply with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017). Accordingly, we are obliged to undertake a digital ID verification check of your identity and address.

We document evidence of Identity verification including all information provided by clients and retain these records for 5 years. We employ strict procedures both to ensure that only relevant information is shared and to protect the confidentiality of client information.

In the event that on completion of the MLR checks undertaken by our Company, our Company is unable to verify the identity and address of the Client or any other party to the transaction (including directors or shareholders of the Client) and the Client refuses or unreasonably delays in producing information to verify identity as requested by our Company then our Company reserve the right to treat the Client’s actions as a repudiatory breach of contract. In these circumstances any Fee paid by the Client to our Company shall be retained by our Company as damages for the Client’s breach of contract.

We are obliged to verify ID and Proof of address of the following people:

  • All shareholders, guarantors, partners in or owners of a company that have more than a 25% stake in that company

  • Any person subscribing to any of our address services

  • Any person who uses us for the following services: Company name change, Dissolution of a company, appointment, removal or change of details of an officer, shareholder or partner in a company or partnership.

If you are UK resident you will be processed through our online ID verification process, if we can satisfactorily complete your online check you will not be required to provide certified copies of proof of ID and address documents by email or post.

UK residents who fail the online ID verification process, and all non-UK residents, will be required to provide certified ID and proof of address documents by email or post, as follows:

  • Valid Passport (not expired)

  • Driving licence photocard (paper UK driving licences are not be accepted)

  • National identity card

  • HM Forces identity card

  • Student Card (must be current)

  • Employment identification card

  • Disabled drivers blue pass

All documents must be dated within the last 3 months, and must show both your name and address.

  • HM Revenue and Customs Notice of Coding (preferred)

  • Telephone Bill – excluding mobile Bill

  • Gas, Water, Electricity Bill

  • Mortgage statement

  • Council tax bill

  • Bank statement

  • TV licence

  • Insurance Letter (Motor, Home or Life)

  • Bank/ Building Society Statement (includes Credit Card Statement)

  • Letter from Benefits Agency

  • Financial Statement (e.g Pension/ Endowment)

  • Polling card

All documents should either be in English or accompanied by an English translation by an Official Sworn Translator.

The acceptable ways to certify your ID and your address, depend on your place of residence.

For UK and EU Residents: Friends and relatives cannot certify documents. Your proof of ID and address documents should be certified by any of the following persons or institutions.

  • The Post Office

  • Civil Servant

  • Minister of Religion

  • Doctor

  • Chartered Accountant

  • Solicitor or Notary

  • Teacher or Lecturer

Certification should be as follows:

  • Each certified document should have the following statement written on it: “Certified to be a true copy of the original seen by me”.

  • The documents should be dated by the certifying notary and should state the notary’s name, address, licence number and country in which they are licenced

Non-EU Residents: Your proof of ID and your address should be notarised by a Public Notary.

You can send your documents to us by e-mail: info@legalaccountingservicesonline.com